Here’s why these 4 ASX shares jumped higher today

Whilst the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) unfortunately gave back the majority of its morning gains, it did rally at the close to finish the day up by just over 0.4% to 5,530 points.

Four shares have managed to put on very strong gains today, much to the delight of their respective shareholders. Here’s why they jumped higher:

Baby Bunting Group Ltd (ASX: BBN) shares rose almost 8% to $3.06 today after reporting incredibly strong full year results. The baby products retailer delivered pro forma net profit after tax of $10.6 million, which was an increase of 55.8% year on year. Despite its shares now changing hands at around 34x earnings, I believe its strong growth prospects justify paying a premium.

Baby Bunting shares have jumped 27% in the last 30 days.

Mesoblast limited (ASX: MSB) shares have climbed for a fourth day in a row, this time by almost 12% to $1.61. The biotechnology company’s share price has gone gangbusters this week, rocketing higher by over 39% as a result of an announcement released to the market on Tuesday. That announcement revealed positive results from a recent clinical trial for refractory rheumatoid arthritis.

Mesoblast shares are still around 58% lower than their 52-week high despite these strong gains.

OZ Minerals Limited (ASX: OZL) shares have climbed over 5% to $6.99 despite no news out of the copper and gold producer. This is the second day in a row of strong gains for the company and is likely attributable to the buy rating placed on it by global investment bank Canaccord Genuity yesterday.

Oz Minerals shares price has now risen over 73% in 2016.

Santos Ltd (ASX: STO) shares edged higher by almost 4% to $4.73 on the back of a jump in the oil price overnight. Oil prices jumped by over 4% following reports that the Organization of the Petroleum Exporting Countries and other non-members would discuss whether any action is required to stabilize oil prices at their next meeting in late September. This has many in the market speculating that oil production may be reduced in order to boost prices.

Santos shares have risen by over 28% this year.

Lastly, I feel it is fair to say that some of the shares above do look like great investment options. But before you go and buy their shares I would highly recommend taking a look to see if you own one of these three rotten shares.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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